Horn Lake cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexHorn LakeMississippiNational
Cost of living index8581100
IndexHorn LakeMississippiNational
Goods & Services index9387100
Groceries index9193100
Health care index8592100
Housing index6963100
Transportation index8992100
Utilities index9786100
A general overview of the cost of living index for Horn Lake, MS is displayed above. In Horn Lake, MS, the overall cost of living index is 85, which is 5% higher than the Mississippi average and 15% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Horn Lake, MS, the city's goods and services are 6% higher than the Mississippi average and 8% lower than the U.S. average.

Did you know?

  • The cost of living in Horn Lake is 5% higher than the Mississippi average.
  • The cost of living in Horn Lake is 15% lower than the national average.
  • The cost of housing in Horn Lake is 31% lower than the national average.
  • Mississippi general sales tax is 37% higher than the national average.
  • Mississippi state income tax is 35% higher than the national average.

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Compare Horn Lake, MS Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Horn Lake, MS to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Horn Lake, MS, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Horn Lake, MS salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$55,448$4,621$1,294$1,664
Renters$33,693$2,808$786$1,011
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Horn Lake, MS, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Horn Lake, MS homeowners have a median income of $55,448. Using that number, you will come up with a maximum of $1,294 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $33,693, which means there is a maximum of $786 to be spent on the costs of renting a home or apartment.

Mississippi Sales Tax

StateGeneral Sales TaxWith Max Surtax
Mississippi7%7.25%

Mississippi Income Tax

StateIncome Tax (Low)Income Tax (High)
Mississippi3%5%
When you are determining the total cost of living in Horn Lake, MS you will want to make sure you consider both the Mississippi sales tax and the Mississippi income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Mississippi is 7%, with the highest surtax being 7.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Mississippi have a range from 3% to 5%.

Goods & Services

ItemHorn LakeNational avg.Difference
Haircut $15.25$14.594.5%
Beauty Salon $30.80$34.6811.2%
Toothpaste $2.59$2.474.7%
Shampoo $0.82$1.0219.8%
Movie $10.30$9.874.4%
Bowling $3.41$4.3922.4%

Groceries

ItemHorn LakeNational avg.Difference
Ground Beef $4.79$4.487.0%
Fried Chicken $1.21$1.4617.4%
Milk $2.33$2.361.1%
Potatoes $3.15$3.062.9%
Pizza $8.39$9.249.2%
Beer $8.31$8.633.7%

Health Care

ItemHorn LakeNational avg.Difference
Optometrist $70.00$99.7829.8%
Doctor $83.80$105.0320.2%
Dentist $85.00$88.704.2%
Ibuprofen $8.48$9.419.9%
Lipitor $233.97$298.5021.6%

Housing

ItemHorn LakeNational avg.Difference
Home Price $94,900.00$175,700.0046.0%
Avg. Mortgage Payment $730.10$1,081.0332.5%
Apartment Rent $964.00$920.004.8%

Transportation

ItemHorn LakeNational avg.Difference
Gasoline $1.87$2.0910.6%
Tire Balancing $40.40$45.2910.8%

Utilities

ItemHorn LakeNational avg.Difference
All Electricity$151.24$170.8011.5%
Phone $30.75$28.268.8%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Edmondson, AR30778-22%
Horseshoe Lake, AR26580-20%
West Memphis, AR25,76781-19%
Memphis, TN656,71584-16%
Walls, MS1,09986-14%
Horn Lake, MS26,48685-15%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Fremont, NE26,48387-13%
Weatherford, TX26,49098-2%
Edgewood, MD26,47999-1%
Belmont, CA26,503207107%
Florence, AZ26,51385-15%
Horn Lake, MS26,48685-15%
Source: The Horn Lake, MS cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.